Abu Dhabi Free Zone Hails First Year Success
by Lorys Charalambous, Lowtax.net, Cyprus
21 October, 2016
Abu Dhabi Global Market, a new free zone in the United Arab Emirates, attracted 160 companies during its first year.
Many companies attributed their decision to set up in ADGM to the ease of doing business there, levels of efficiency, a comprehensive range of business offerings and investment vehicles, and the adoption of the entirety of common law into a legislative framework.
Dhaher Bin Dhaher, CEO of ADGM's Registration Authority, said: "As a broad-based financial center, ADGM has been focused on creating a business-friendly and sustainable eco-system where local companies and international entities can grow together ... Through ADGM, businesses have access to and can conduct a wide range of activities to bolster their growth. We also have a supportive framework that meets the needs and requirements of family businesses by safeguarding their assets."
He added: "Our registration process is efficient and straightforward. In some cases, we are able to issue licenses to companies within 48 hours of receiving their business registration. Our fully digitized platform and robust and supportive on-boarding services ensure a hassle-free transition for companies and their employees who want to attain a license with the ADGM. This is part of our ongoing commitment to deliver a valuable client experience for ADGM companies and partners as an International Financial Center."
As ADGM moves into its second year of operation, it said it remains committed to providing an efficient and sustainable platform for local companies to become "regional and global champions". ADGM said it will also further its efforts to support financial institutions in establishing their operations in Abu Dhabi and fulfill their expansion ambitions in the Middle East, Africa, South Asia, and beyond.
See all of today's news